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PPDAI Group Prices IPO Of 17 Mln ADSs At US$13.00/ADS

PPDAI Group Inc. (PPDF), a online consumer finance marketplace in China, said that it priced its initial public offering of 17 million American depositary shares at a price to the public of US$13.00 per ADS for a total offering size of about US$221 million, assuming the underwriters do not exercise their option to purchase additional ADSs. Each ADS represents five Class A ordinary share. The ADSs are expected to begin trading on the New York Stock Exchange today under the symbol "PPDF."

The company has granted the underwriters an option, exercisable within 30 days from the date of the final prospectus, to purchase up to an aggregate of 2.55 million additional ADSs to cover over-allotments.

Concurrently with, and subject to, the completion of this offering, Sun Hung Kai & Co. Limited, through its wholly owned subsidiary, will purchase from the Company US$50 million in Class A ordinary shares at a price per share equal to the initial public offering price adjusted to reflect the ADS-to-Class A ordinary share ratio.

by RTT Staff Writer

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